Monday, January 22, 2007

Management Lite & Ezy 23 – Business Plan

A business plan is the written document that details the proposed venture.It must describe current status, expected needs, and projected results of the new business.

- Fry & Stoner (1985)

A business plan provides a clear picture of what that venture is, where it is projected to go, and how the entrepreneur proposes it will get there. The business plan is the entrepreneur’s roadmap for a successful enterprise.

- Kuratko & Cirtin (1990)

A typical business plan consists of the following sections:

·Executive Summary

·Business Description

·Marketing

·Operations

·Management

·Financial

·Critical Risks

·Harvest Strategy

·Milestone Schedule

·Appendix or Bibliography

Benefits of a business plan:

·It forces the entrepreneur to view the venture critically and objectively.

·It subjects the entrepreneur to close scrutiny of his/her assumptions about the venture’s viability and success.